United Gulf Bank (UGB) held its Annual General Meeting. The shareholders approved the financial statements for the year ended 31 December 2013 and also approved the Board of Directors’ recommendation not to pay any dividend the year 2013.
Last month, UGB announced a net profit of $ 4.2 million (2012: $ 6.7 million) or US 0.32 US cents (2012: 1.34 US cents) per share, for the year ended 31 December 2013.
Shareholders also approved the election of Board members for the next three year term.
The Chairman of UGB, Mr. Masaud Hayat, chaired the Annual General Meeting which was held at its offices in UGB Tower, Diplomatic Area, Bahrain with more than 95 per cent of shareholders represented.
At the meeting, shareholders also approved other appropriations including board recommendations to donate $200,000 to charity and educational support in the Kingdom of Bahrain.
On behalf of UGB’s Board, Mr. Masaud Hayat paid tribute to the Government of the Kingdom of Bahrain for longstanding support and to the regulatory and supervisory authorities in the jurisdictions where UGB operates for their guidance and constructive cooperation.
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United Gulf Bank